Riyad Bank and Tourism Development Fund Launch "Tourism Partners" Program to Support Tourism Projects

Strategic Insights -

The Saudi Tourism Development Fund and Riyad Bank have launched the "Tourism Partners" program, a partnership between the public and private sectors aimed at developing quality tourism facilities and activities across the Kingdom with a financing value of up to 2 billion riyals. This program is part of the Kingdom's drive to strengthen partnerships between the government sector and the private sector through the "Shareek" initiative, launched by Crown Prince Mohammed bin Salman bin Abdulaziz. The program includes three financing options for tourism investment, ranging from direct financing to joint financing with private banks, and provides guarantees on credit facilities by up to 90%.

Key Takeaways:

  • The "Tourism Partners" program aims to provide financing operations for tourism projects in 7 destinations, including Riyadh, Al-Jouf, Hail, Dammam, Khobar, Al-Ahsa, Jeddah, Medina, Taif, Al Baha, Assir, and Alula.
  • The program will finance 113 tourism projects, including 36 shelter projects, 46 projects to serve modern life, and 31 projects in the field of tourism experiences and adventures.
  • The financing options within the program allow investors to finance assets, working capital, supply chains, salaries, and invoices.
  • Riyad Bank's financial, human, and digital capabilities, as well as its technical systems and digital services, will be used to support the program.
  • The partnership with the Tourism Development Fund is a strategic partnership that reflects the level of partnership between the two sides.
  • The program aims to support the Kingdom's vision to increase the contribution of the tourism sector to more than 10% of GDP and generate 1 million jobs by 2030.

Statistics:

  • The financing value of the program is up to 2 billion riyals.
  • The Kingdom's tourism sector aims to contribute more than 10% of GDP to the economy by 2030.
  • The program will finance 113 tourism projects.
  • 36 shelter projects will be financed, including hotels, resorts, hotel apartments, and rural hostels.
  • 46 projects to serve modern life will be financed, including shopping malls, restaurants, cafes, entertainment malls, and promotional events.
  • 31 projects in the field of tourism experiences and adventures will be financed.
  • The program will provide guarantees on credit facilities by up to 90%.
  • Riyad Bank is one of the most supported banks for The Kingdom Vision 2030 programs and projects in various sectors.
  • The Bank has the first center in the Kingdom to develop business initiatives and possibilities.

Sources:

  • Riyad Bank (Source: Contify.com, no publication date mentioned)